Some real estate experts are expecting that the migration out of the New York City is going to be a prolonged period, possibly lasting up to 2 years. 

The exodus not only involves those renting in towns such as the Big Apple, but also is pushing businesses to find locations that will permit them to continue to operate.

Some experts anticipate exponential demand.

Much of the available office space in the suburbs has been absorbed. This migration is now spilling over into the home rental market.

Some of this digital data is indicating that real estate searches in suburban regions has increased in May and may possibly continue into June.

The reality of businesses creating satellite campuses out of the big densely populated urban areas is becoming a reality.

What is also fueling the exodus from New York City is the extremely low mortgage rates. Mortgage applications jumped by 5% week-over-week and on a comparative year-over-year basis, or 33% higher than in 2019.

With no end of the pandemic insight, the buyer demand has been relentless since May.

Inventory shortages, slow construction and flat-out fear are all factors. 

The average 30-year fixed mortgage rate fell to 3.26% from 3.29% from the week earlier.

What is also concerning is the average loan size increased to $365,700, indicating that there is great demand for homes and people are willing to pay more for less hours.

The decrease in the percentage of refinances over mortgages indicates that buyers are taking a greater percentage of the market. The refinance share of mortgages fell to 60.1% of all total applications from 61.2% from the previous week. Refinaces jumped 111 % last week compared to the same week in 2019.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

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